The Virgin Islands Resolution of Meeting of LLC Members to Specify Amount of Annual Disbursements to Members of the Company is an essential document used by Limited Liability Companies (LCS) operating in the Virgin Islands to determine and allocate the annual disbursements to its members. This resolution serves as an official record of the agreed-upon distribution of profits among the LLC members. In this resolution, LLC members convene and discuss the amount of money to be disbursed to each member for the fiscal year. The resolution typically includes various key elements outlined below: 1. LLC Name: The resolution should clearly state the full legal name of the LLC for which the members are convening the meeting. 2. Meeting Date and Location: The specific date, time, and location where the meeting took place should be provided within the resolution to establish its validity and legality. 3. Attendees: The names of the members present at the meeting should be listed to establish who participated in the decision-making process. 4. Purpose of the Meeting: The resolution should clearly outline the purpose of the meeting, which is to specify the amount of annual disbursements to be allocated to the LLC members. 5. Discussion: The resolution should document the discussions held during the meeting regarding the amount of disbursements. It should include considerations of the company's financial status, profits, and any relevant factors influencing the decision. 6. Proposed Amounts: If various amounts were proposed during the meeting, they should be listed to show the different options considered by the LLC members. 7. Vote and Decision: The resolution should document the final decision made by the LLC members regarding the amount of annual disbursements. This includes the specific amount agreed upon, as well as any conditions or restrictions associated with these disbursements. 8. Effective Date: The resolution must include an effective date, which indicates when the agreed-upon disbursements will take effect. This date is usually the start of the fiscal year or another predetermined date. Different types or variations of this resolution may exist depending on the specific circumstances of an LLC. Some possible variations include resolutions for: 1. Special Disbursements: If the LLC has additional funds to distribute outside the annual disbursements, a separate resolution may be drafted to decide on these specific disbursements. This can be for unexpected profits, windfalls, or extraordinary dividends. 2. Regular Interim Disbursements: In situations where the LLC has a regular practice of making interim disbursements throughout the fiscal year, a resolution may be required to specify these periodic payments. 3. Changes in Disbursement Policy: If there is a need to modify the existing policy regarding annual disbursements to members, a resolution can be drafted to ratify and implement the changes. By using these relevant keywords throughout the content, such as the Virgin Islands, Resolution of Meeting, LLC Members, Annual Disbursements, Company, and specifying different types, one can create a detailed description of the Virgin Islands Resolution of Meeting of LLC Members to Specify Amount of Annual Disbursements to Members of the Company and its potential variations.
Virgin Islands Resolution of Meeting of LLC Members to Specify Amount of Annual Disbursements to Members of the Company
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